Polygon Faces Potential Decline After Being Denied at $0.65

Polygon Faces Potential Decline After Being Denied at $0.65

Analysis: Polygon (MATIC) Price and Long-term Forecast

You have probably noticed that the price of Polygon (MATIC) has been moving sideways since its decline on June 10. However, this downtrend seems to have found support above $0.50, with the market currently at a low of $0.56. The bulls have stepped in and pushed the price up to a high of $0.89.

Essentially, the price of MATIC has been fluctuating between $0.50 and $0.90. If it falls below the current support level of $0.50, the downtrend will likely continue. The resistance at $0.65 and the 21-day SMA are currently preventing significant upward movement.

Polygon Indicator Analysis

Looking at the technical indicators, Polygon has fallen to a Relative Strength Index (RSI) of 41, suggesting a downtrend as it tests the existing support. The price bars have also dropped below the moving average lines, indicating a possible decline. Furthermore, the bullish momentum has peaked above the daily stochastic threshold of 75, potentially leading to an overbought market situation.

Connect your Ledger Nano X to MetaMask easily! 😎🚀

Technical Indicators

Resistance levels: $1.20, $1.30, $1.40

Support levels: $0.60, $0.40, $0.30

What’s Next for Polygon?

The current trend for Polygon suggests that it will continue to trade sideways within the $0.50 price range. To break this trend, the altcoin needs to reverse its price and hold above the current support level. However, if it fails to do so and the 21-day SMA rejects the price again, we can expect a further decline.

As we reported on August 31, the upward momentum was rejected on August 29 at $0.65, and the altcoin has fallen below the support level of $0.60.

Bitcoin Halving Boosts Bullish Sentiment 🚀 Do You Know the Catch?

Hot Take

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Polygon’s price movement has been relatively stagnant recently, but it is important to monitor the support and resistance levels to anticipate any potential breakout or further decline. Keep an eye on the market and stay informed about the latest developments to make informed decisions.

Bitcoin (BTC) to Shine Again with Peaking Dollar Strength 🌟😎
Polygon Faces Potential Decline After Being Denied at $0.65
Author – Contributor at Lolacoin.org | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension. A guiding light for both seasoned trailblazers and curious newcomers venturing into the cryptoverse, Cabel’s insights forge a compass for insightful decision-making amidst the ever-evolving currents of cryptocurrencies. With the artistry of a wordsmith, they craft narratives that enrich the evolving narrative of the crypto cosmos.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Latest Crypto News